After the Deluge: Do Fixed Exchange Rates Allow Inter-temporal Volatility Tradeoffs?
This paper addresses the issue of whether regimes of fixed exchange rates are a mechanism for shifting volatility inter-temporally. Using a panel of data covering twenty industrialized countries from 1959 through 1993, I examine the volatilities of a host of real and monetary variables. Graphical and statistical examination of the periods around 33 flotations and 81 devaluations reveals little evidence of significant increases in volatility following these events. Copyright @ 1996 by John Wiley & Sons, Ltd. All rights reserved.
Volume (Year): 1 (1996)
Issue (Month): 1 (January)
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References listed on IDEAS
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- Andrew K. Rose, 1994. "Are exchange rates macroeconomic phenomena?," Economic Review, Federal Reserve Bank of San Francisco, pages 19-30.
- Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
- Robert P. Flood & Robert J. Hodrick, 1985.
"Real Aspects of Exchange Rate Regime Choice with Collapsing Fixed Rates,"
NBER Working Papers
1603, National Bureau of Economic Research, Inc.
- Flood, Robert P. & Hodrick, Robert J., 1986. "Real aspects of exchange rate regime choice with collapsing fixed rates," Journal of International Economics, Elsevier, vol. 21(3-4), pages 215-232, November.
- Jeffrey A. Frankel, 1993. "On Exchange Rates," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061546, December.
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